On June 28, 2018, the National Credit Union Administration (NCUA) published a final rule amending Parts 701, 708a, and 708b of its regulations governing voluntary mergers to provide greater transparency to credit union members and ease compliance for merging credit unions. The final rule is applicable to all federally-insured credit unions (FICUs) and: 1) increases the minimum required time for notice to members before a merger vote to 45 days; 2) requires the merging credit union to disclose merger-related financial arrangement increases above $10,000 or 15 percent of compensation, whichever is greater for covered persons; 3) clarifies the contents and format of the members' notice to increase transparency; and 4) establishes an online portal for members of the merging credit union to communicate with one another and to submit comments to the NCUA on its website.
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